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If a business has an annual interest of 5% to pay on a loan of $20,000 which it takes on 1st Aug 2005, and the year end is 30 September 2005.
The annual interest is $1000!
in the income statement an interest of $166 will be charged and the business has paid
Sir in the SOFP, wont we charge 1000 as a current liability as we owe that 1000 as an interest in the next 12 months.
Than
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